It’s not a huge jump — not as big as the gain witnessed in HSBC’s preliminary results for its own manufacturing Purchasing Managers’ Index, which rose to 48.3 from 48 though remaining below the 50 level separating growth from contraction. (HSBC’s final version of the PMI is due out next Monday.)
But details of the official PMI were relatively bullish, with the subindex for new orders rising to 51.2 from 50.6, for instance.
Chinese stock markets are closed for May Day, but we did see a reaction from the Australian dollar, often sensitive to economic news out of Australia’s top trading partner. The Aussie rose to 92.99 U.S. cents (but failed to cross the 93 level), after having bought 92.86 U.S. cents at the time the numbers came out.